• The price has shown no improvement in past weeks.
• Trading volume amounts to 142.18 million with an increase by 57.63%.
• The market cap drops by 4% equating to $916.95 million. 

The market for EOS seems to go cold and unresponsive. The whole crypto space is currently facing the liquidation crunch and moving towards a selling spree as their confidence is lowering with every passing day. No amends are made to prevent this from happening. With all this going on in parallel, EOS is thinking of surviving only on its salient features, which may need more to alter this massive hit. 

The char-t-ale

The price is forming a bear pennant and aiming to fall to the level of $0.775. It moves far from the 10-EMA, and after falling further, it may retrace after more than usual time. The volume seems to descend and witness more sales. It creates newer levels of support and resistance.

The CMF indicator goes about the 0-level, neutral, neither up nor down. It may deep dive to the range below zero, respecting the approaching downtrend. The MACD indicator is bearish and near convergence with depleting histograms. They may move parallel to each other before diverging in bearish momentum again, but this time with a wider gap. The RSI indicator moves in the bound of the 30-40 range, closer to the 30 boundary. It may soon cross this as it witnesses the sell-off wave.  

The peephole

The prices continue in the same momentum. The RSI indicator is on the brink of entering the oversold zone and may even cross and move beyond the 30-mark. The MACD indicator moves intertwined and then undergoes a bearish divergence with ascending histograms in red. It may stay this way and record more sales. The CMF indicator has nose-dived below the 0-mark and reached closer to the bottom. It may lay flat and collinear to the -20 level. 

Conclusion

The progress report for EOS is negative and shows no attributes of the amendment and hopes in the future until any major changes are made. Now is the time for all to adapt and survive the ongoing crunch before it’s too late. This token urgently needs a first-mover advantage to flip its current position. 

Technical levels

Support levels: $0.810 and $0.750

Resistance levels: $1.010 and $1.080

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.